Assessment Requirements for BSBFIA301 Maintain financial records

Release: 1

Assessment Requirements for BSBFIA301 Maintain financial records

Modification History

Release	Comments
Release 1	This version first released with Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

maintain daily transactions and identify and respond to discrepancies and errors

transfer and record financial data accurately

reconcile expenditures and revenue in a timely manner.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

identify the key provisions of relevant legislation, codes of practice and national standards that may affect financial record keeping

discuss organisational policies and procedures relating to maintaining financial records

define credits/creditors and debits/debtors

describe principles of double entry bookkeeping and accrual accounting

identify methods of presenting financial data.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial administration field of work and include access to:

office equipment and resources

computer equipment and relevant software

examples of source documents relating to financial record keeping

case studies and, where possible, real situations.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10